The PNC Financial Services Group (NYSE:PNC) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

The PNC Financial Services Group (NYSE:PNC) had its price target raised by equities research analysts at JPMorgan Chase & Co. from $228.50 to $251.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 4.44% from the stock’s current price.

A number of other brokerages have also issued reports on PNC. Cfra Research raised shares of The PNC Financial Services Group to a “moderate buy” rating in a research note on Thursday, October 16th. Keefe, Bruyette & Woods lifted their price objective on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a report on Tuesday, January 20th. Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $211.00 to $221.00 and gave the company an “underweight” rating in a research report on Tuesday, January 20th. TD Cowen raised their target price on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Finally, Royal Bank Of Canada boosted their price target on The PNC Financial Services Group from $222.00 to $235.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. Fifteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $234.44.

The PNC Financial Services Group Stock Down 0.3%

Shares of NYSE PNC opened at $240.34 on Monday. The PNC Financial Services Group has a 1 year low of $145.12 and a 1 year high of $243.94. The firm has a 50-day simple moving average of $216.83 and a two-hundred day simple moving average of $201.18. The company has a market cap of $94.25 billion, a P/E ratio of 14.49, a PEG ratio of 1.01 and a beta of 0.99. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The firm had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.90 billion. During the same period in the prior year, the business posted $3.77 earnings per share. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. Research analysts anticipate that The PNC Financial Services Group will post 15.37 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new position in The PNC Financial Services Group in the fourth quarter valued at about $1,967,080,000. Viking Global Investors LP boosted its holdings in shares of The PNC Financial Services Group by 234.9% in the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after buying an additional 5,581,102 shares in the last quarter. AQR Capital Management LLC grew its position in shares of The PNC Financial Services Group by 134.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock worth $622,450,000 after buying an additional 1,917,530 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of The PNC Financial Services Group by 50.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after acquiring an additional 1,162,964 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in The PNC Financial Services Group by 43.8% during the second quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider’s stock valued at $517,598,000 after acquiring an additional 845,148 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.